Titan Machinery Inc. (NASDAQ:TITN) shot up 3.8% on Friday following a stronger than expected earnings report. The company traded as high as $18.13 and last traded at $18.48. 28,688 shares were traded during mid-day trading, a decline of 73% from the average session volume of 104,507 shares. The stock had previously closed at $17.81.
The company reported $0.49 EPS for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.13. The firm had revenue of $363.65 million during the quarter, compared to the consensus estimate of $360.30 million. Titan Machinery had a return on equity of 4.16% and a net margin of 1.28%. The firm’s revenue was up 10.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.20 EPS.
A number of brokerages recently commented on TITN. BidaskClub upgraded Titan Machinery from a “sell” rating to a “hold” rating in a research note on Saturday, September 1st. ValuEngine upgraded Titan Machinery from a “hold” rating to a “buy” rating in a research note on Friday. Finally, Zacks Investment Research upgraded Titan Machinery from a “hold” rating to a “strong-buy” rating and set a $20.00 price objective for the company in a research note on Tuesday, September 4th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Titan Machinery presently has an average rating of “Buy” and a consensus target price of $24.00.
Several large investors have recently added to or reduced their stakes in TITN. Massachusetts Financial Services Co. MA grew its stake in shares of Titan Machinery by 47.7% in the second quarter. Massachusetts Financial Services Co. MA now owns 83,187 shares of the company’s stock worth $1,294,000 after purchasing an additional 26,864 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. grew its stake in shares of Titan Machinery by 342.9% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 52,981 shares of the company’s stock worth $824,000 after purchasing an additional 41,020 shares in the last quarter. Wedge Capital Management L L P NC grew its stake in shares of Titan Machinery by 560.0% in the second quarter. Wedge Capital Management L L P NC now owns 87,975 shares of the company’s stock worth $1,368,000 after purchasing an additional 74,645 shares in the last quarter. Smith Asset Management Group LP grew its stake in shares of Titan Machinery by 190.3% in the second quarter. Smith Asset Management Group LP now owns 9,793 shares of the company’s stock worth $152,000 after purchasing an additional 6,420 shares in the last quarter. Finally, Global Alpha Capital Management Ltd. grew its stake in shares of Titan Machinery by 71.5% in the second quarter. Global Alpha Capital Management Ltd. now owns 412,379 shares of the company’s stock worth $6,412,000 after purchasing an additional 171,934 shares in the last quarter. 77.76% of the stock is owned by institutional investors.
The company has a market capitalization of $395.70 million, a PE ratio of -146.08 and a beta of 1.60. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.43 and a quick ratio of 0.29.
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Titan Machinery Company Profile (NASDAQ:TITN)
Titan Machinery Inc owns and operates a network of full-service agricultural and construction equipment stores. It operates through three segments: Agriculture, Construction, and International. The company sells new and used equipment, including agricultural and construction equipment manufactured under the CNH family of brands, as well as equipment from various other manufacturers.
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